Trust B Under The Will Of H C Watson Deceased
- Assets
- $6.9m
- Revenue
- $264.8k
- Investments
- $0.0
- Employees
- 1
- Location
- Onley, VA
- Founding
- 06/1972
- Data as of
- 12/2023
- EIN
- 54-6098265
Organization Overview
Trust B Under The Will Of H C Watson Deceased is located in Onley, VA. The organization was established in 1972. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Trust B Under The Will Of H C Watson Deceased is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Trust B Under The Will Of H C Watson Deceased generated $264.8k in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of 0.0% each year. All expenses for the organization totaled $251.0k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (3.5%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AN ENDOWMENT TO SUPPORT VARIOUS COLLEGES AS DESIGNATED UNDER THE WILL OF H. C. WATSON
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS FOR FIVE COLLEGES DESIGNATED UNDER THE WILL OF H. C. WATSON.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jerry G Evans Trustee | Trustee | 4 | $4,894 |
Benjamin G Rew Trustee | Trustee | 4 | $4,894 |
Howard C Wessells II Trustee | Trustee | 4 | $4,393 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $234,575 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,772 |
| Net Gain/Loss on Asset Sales | $27,425 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $264,772 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $28,264 |
| Compensation of current officers, directors, key employees. | $28,264 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,099 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,290 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,565 |
| Fees for services: Other | $200,421 |
| Advertising and promotion | $56 |
| Office expenses | $378 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,139 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,134 |
| Insurance | $1,673 |
| All other expenses | $0 |
| Total functional expenses | $251,019 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $655,598 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $9,536 |
| Net Land, buildings, and equipment | $14,776 |
| Investments—publicly traded securities | $6,268,576 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,948,486 |
| Accounts payable and accrued expenses | $11,271 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $193,432 |
| Total liabilities | $204,703 |
| Net assets without donor restrictions | $6,743,783 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $6,948,486 |